Shares of Orchid Pharma Ltd. surged 10% on Wednesday, July 8, after the pharmaceutical major announced its entry into the Russian market by signing signed an exclusive licensing and supply agreement with Russia's leading drugmaker Pharmasyntez JSC for a multi-drug resistant bacterial infections antibiotic Exblifep (cefepime/enmetazobactam). The novel drug is a combination antibiotic for the treatment of complicated urinary tract infections (cUTI) and hospital-acquired and ventilator-associated bacterial pneumonia (HAP/VAP) caused by Gramnegative bacterial pathogens, as per Orchid Pharma.
According to the pharma major's statement, the deal will introduce Orchid's Exblifep to patients in Russia, opening up a market opportunity that the Indian drugmaker estimates at about $178 million over the first decade. The landmark deal marks the commercialisation of Exblifep in Russian market. With the signing of the deal, shares of Orchid Pharma surged 10% in trade to hit an intraday high of Rs 1,047, nearing the 52-week high mark of Rs 1,094 apiece on the NSE. The triple-digit PE pharma stock traded above the Rs 1,000-mark with the surge in the intraday share price, defying the Nifty 50 benchmark index.
Orchid Pharma Share Price Intraday
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